The statue is one of three loaned by the artist to the Folkestone Triennial arts festival from his Another Time series of 100 solid cast-iron figures which have been exhibited around the world.

A Coastguard spokeswoman said: "At 2.20pm the Maritime and Coastguard Agency reported that the Islay Trader had been successfully refloated at high water with the aid of a tug, and towed to deeper water.

"The vessel will now conduct a survey to assess its suitability for onward passage to Belgium, where it will offload its cargo and then enter a dry dock in order to conduct a full inspection."

The spokeswoman earlier said the fuel tanks had not been damaged and the risk to the environment was "very low".

A previous installation of 31 of the statues, based on Sir Antony's naked body, caused concerns when they were installed on rooftops in New York in 2010 when passers-by feared they were people considering suicide.